MADAWASKA, Maine (Statement from Bob Snyder of Twin Rivers) -- Earlier this year (March 1, 2019), we shared with you the news that Ken Winterhalter had been named the new Chief Executive Officer of Twin Rivers, and that I (Bob Snyder) would be moving into a full-time role as Chairman of the Twin Rivers Board of Managers.

This week, Ken advised the Board that he would be stepping down from his position of CEO, effective immediately, and pursuing new career opportunities. The Board has requested that I reassume the role of President & Chief Executive Officer and I have accepted.

While Ken's tenure as our CEO was not long, he was a uniquely valuable member of our team for several years. We thank Ken for his many contributions to our success and wish him well in his future endeavors.

Due in large part to your support, Twin Rivers is a leading integrated manufacturer of, lumber, specialty packaging, technical, label and publishing paper products. While other paper companies may have downsized or shuttered their doors, we are a strong and vibrant business today - and one firmly positioned to continue to meet your company's needs. Since 2016, for example, we've grown our footprint nationally and invested heavily in our facilities. We continue to enhance our product offerings, and have worked hard to support the communities in which we operate.

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Here is the March 1, 2019 press release introducing Winterhalter as CEO

Twin Rivers Paper Company LLC announced today that Ken Winterhalter, who currently serves as the Company's President, has been named Chief Executive Officer.

Mr. Winterhalter, who joined the company in 2013, succeeds Robert ("Bob") Snyder, who has been named Chairman of the Board. These new roles are part of a long-term growth and succession plan established by Twin Rivers' management.

Mr. Winterhalter has served as Twin Rivers President since 2013. His decades of experience prior to joining the company include serving as President & CEO of National Envelope and President of Unisource.

"I am incredibly proud of what we have achieved at Twin Rivers these past six years thanks to our exceptional team, world-class suppliers and loyal customers," said Winterhalter. "I am extremely grateful to Bob for his friendship and counsel and look forward to continuing our partnership together in his role as our Board Chair."

"In recent years, thanks to strategic planning and excellent execution by a superb team across the organization, Twin Rivers has grown from primarily serving the commodities space to becoming an industry leader in technical specialties, lightweight packaging, and products within the label industry," said Snyder. "With Ken transitioning to his new role as our CEO, I am confident that we will continue to grow and expand in the months and years to come."

Twin Rivers first opened its doors in the early 1900s with only one dimension lumber mill in Plaster Rock, New Brunswick. In 2013, the company was purchased by Atlas Holdings and Blue Wolf Capital Partners. While several paper companies across Maine - and throughout the country - have struggled to meet new challenges and evolve, Twin Rivers continues not only to survive but thrive. Today, Twin Rivers employs over 1,000 associates, owning and operating six paper mills, two pulp mills, a sawmill, and a co-generation plant in the U.S. and Canada.

"Under Bob and Ken, with the support of an extraordinary team of leaders and associates, Twin Rivers has become one of North America's most nimble, high-quality producers of innovative solutions for premium niche markets in the forest products sector," said Tim Fazio, Managing Partner and Co-Founder of Atlas Holdings. "A typical Atlas-style investment, Twin Rivers has stayed true to its roots, focusing on product quality, workplace safety, strategic growth and community stewardship. We're thrilled to congratulate both Bob and Ken as they transition to these new positions."

"The transition of Ken to CEO and Bob to Chairman reflects the successful implementation of a long-term value creation plan put in place by the talented team at Twin Rivers," said Adam Blumenthal, Managing Partner of Blue Wolf Capital Partners. "Bob and Ken have done terrific work together growing the business and we are grateful to have both on board as we write the next chapter of the Twin Rivers story."

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